Instrument insurance?

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Pcruis1
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Re: Instrument insurance?

Post by Pcruis1 » Mon Oct 11, 2021 10:20 am

I have dealt with this in the context of furniture in a house fire. Yes - it can turn into a battle. But, most states have pretty strong bad faith statutes that put 1st party insurers at risk if they mess around too much. If you have a decent insurer and your instruments well documented by photographs, you should be good. Also make sure you understand your policy and what it covers - is it ACV or RCV? etc etc
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VAiN
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Re: Instrument insurance?

Post by VAiN » Mon Oct 11, 2021 1:35 pm

lonewolfsx wrote: Mon Oct 11, 2021 7:13 am
KickstartMyHeart wrote: Mon Oct 11, 2021 3:28 am Good luck with your Insurance company when the moment of truth comes. What do you think they will offer you? 5K for a Swan because you say so in some non official document?
This is exactly my concern. I think I'm pretty conservative on my price estimates for this sort of thing, but that might actually even work against me if the average person claims much higher value for their items.

VAiN wrote: Sun Oct 10, 2021 1:46 pm There’s a deductible of 250 on the policy. My total policy is for 55k. My main concern is theft, followed by a house fire. Hopefully I’ll never have to find out. The policy costs about 600 a year. Not too bad.
That's not ridiculous but it does scare me off a little... I'm not sure what the risk factor is for house theft/fires (and in my case, flood, wind, hurricanes too). When I got that agreed-upon value quote for the car, I gave them "25,000" as the estimated value and the insurance was $3200/yr. I know a car that is being driven is riskier than a guitar that is packed away in a case in your house, but 600 bucks for $55k just seems too good to be true.

Idk, I'd love to see some reviews from people who have actually had to make claims. Most of the claims I've seen online reviews for were for Martins, Strats, etc. where they have a clearly defined and known common value. Kramer's are definitely in an odd spot where they aren't new enough to refer to retail pricing, but not old/special/whatever enough to be extremely sought after by the wider guitar-collector audience.
My concern is they won’t honor the estimated value. Insurance companies aren’t known for being cool.

What’s the alternative? Do nothing and definitely get nothing? My thinking is worst case I can pull similar listings and sales and hope for the best.
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menace
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Re: Instrument insurance?

Post by menace » Mon Oct 11, 2021 2:18 pm

I have a stated value policy on my Indian.
Image

We agree on the total loss value based on an appraised value.

If someone steals it- they write a check for that amount.

Can you get your agent to write a policy like this for your collection?

I would be remiss if I said I did anything when I owned a shit ton of Kramer's.....Now that I am down to 3 it really doesn't move the needle on my standard home owner policy.
Where are we going.....and why am I in this hand-basket?

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VAiN
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Re: Instrument insurance?

Post by VAiN » Mon Oct 11, 2021 5:58 pm

menace wrote: Mon Oct 11, 2021 2:18 pm I have a stated value policy on my Indian.
Image

We agree on the total loss value based on an appraised value.

If someone steals it- they write a check for that amount.

Can you get your agent to write a policy like this for your collection?

I would be remiss if I said I did anything when I owned a shit ton of Kramer's.....Now that I am down to 3 it really doesn't move the needle on my standard home owner policy.
I’ll have to ask more questions, but at least I have the policy in place, so it’s a good start.
1981 Strat Head Pacer
1982 Voyager
1983 Pacer Imperial
1983 Pacer Special with oil finish neck
1987 Elliot Easton Pro I
1987 Classic III

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madchester_monkey
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Re: Instrument insurance?

Post by madchester_monkey » Mon Oct 11, 2021 9:10 pm

I have a rider added to my home owners, one for guitars and one for tools. The “ standard “ pay out on the normal,policy for musical instruments is something $2500, I pushed mine up to $20k

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Kramerman65
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Re: Instrument insurance?

Post by Kramerman65 » Mon Oct 11, 2021 10:28 pm

I have a separate ACV rider for my gear. Very reasonable priced, though I don't recall the exact cost. When you have 40+ guitars, 10 amps and a shit ton of effects I think it makes sense.

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PacerMedic
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Re: Instrument insurance?

Post by PacerMedic » Tue Oct 12, 2021 7:35 am

I have full replacement value in with my homeowner's insurance for the guns and guitars. If I have a loss, I find a reasonable replacement and they cut a check.

When lightning hit my cable line and fried my computer and several A/V items, they paid Newegg directly. I wasn't a dime out of pocket.
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RockStringBender
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Re: Instrument insurance?

Post by RockStringBender » Tue Oct 12, 2021 12:39 pm

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lonewolfsx
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Re: Instrument insurance?

Post by lonewolfsx » Wed Oct 13, 2021 3:40 pm

VAiN wrote: Mon Oct 11, 2021 1:35 pm My concern is they won’t honor the estimated value. Insurance companies aren’t known for being cool.

What’s the alternative? Do nothing and definitely get nothing? My thinking is worst case I can pull similar listings and sales and hope for the best.
Hey, yeah I absolutely agree with you. I'd rather get something than nothing, I'm just curious about how it would all pan out in a worst case scenario. I've been called "risk adverse" quite a few times as I've gotten older so I just like to dig on stuff. Since I might get a policy soon myself I'm trying to do my research. Cheers
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